China’s August crude imports drop year-on-year – JLC

China imported 11.56 million b/d of crude oil last month, down from 12.43 million b/d imported in August 2023, market intelligence provider JLC reported citing data from the General Administration of Customs (GACC).

PHOTO: An oil pump jack photographed at dusk, with the Chinese flag in the background. Getty Images

Chinese crude oil imports last month were about 7% lower on a year-on-year comparison, according to JLC.

The sharp drop in China's crude imports has suggested a significant slowdown in oil demand growth in the world’s second-largest crude oil consuming nation, according to oil market analysts. This news has put downward pressure on Brent’s price.

“[Market] sentiment is clearly still bearish and Chinese trade data yesterday would have not helped, showing crude oil imports falling 7% YoY [year-on-year],” two analysts from ING Bank noted.

The country’s total crude oil imports in the first eight months of this year were about 367 million mt, down 3% from to the same period last year, JLC reported.

By Aparupa Mazumder

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